Never remortgaged before.
Our variable rate ends 30th June. Solicitor is applying for redemption figure mid June.
Our payment comes out 1st. Completion is set for 1st so we will inevitably pay SVR on 1st from our old lender.
Solicitor has said this to us:
*Important Note on Mortgage Payments and Redemption
If your mortgage payment is normally collected on the 1st of the month, please be aware that this payment will still be taken, (on the SVR rate) as the lender requests their direct debit before completion occurs.
Should the lender not include this payment in their redemption figure, any resulting overpayment will be refunded to you within 7–14 days after the account has been redeemed
My question is what are the chances of this July payment being included in the redemption figure and us not getting a refund? Is this common?
What if I changed the payment date for our mortgage to come out on 7th in July so we didn’t have to pay the direct debit on 1st - would this still be included in redemption figure?